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The Asian crisis of 1997 involved currency crises in many countries. The global financial crisis of 2008 has not had a similar large impact on exchange rates. Nor has it, unlike the Asian crisis, been followed by, countries announcing changes in the de jure regimes. In this paper, we find that it has resulted in significantly greater flexibility of exchange rates in some countries, and a change in a couple of countries of the de facto exchange rate regime. Korea has moved to a float, and Vietnam has enhanced greater flexibility. We find that on average, the exchange rate regime in Asia has slowly moved towards greater flexibility over the last five years, while retaining a focus on pegging to the USD